GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.12% against the USD and closed at 1.6349.
The British Pound found support yesterday, after the Bank of England (BoE) Deputy Governor, Andrew Bailey stated that the central bank would intervene and take necessary actions to prevent prices from rising too quickly in the UK housing market. However, gains in the British Pound were limited after data from the US indicated that consumer spending in the nation rose at its fastest pace since June, helping the US Dollar to recover its earlier losses.
In the Asian session, at GMT0400, the pair is trading at 1.6351, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6328, and a fall through could take it to the next support level of 1.6304. The pair is expected to find its first resistance at 1.6376, and a rise through could take it to the next resistance level of 1.6400.
With little on the macro front in the UK later in the week, investors will keep a tab on macro releases from the US for further direction to the pair in the coming sessions.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
